The invention discloses a high precision voltage power frequency measurement system based on an intelligent substation, comprising a primary device, a secondary device and a DSP. The secondary device comprises an electronic voltage transformer, an electronic current transformer, an A/D collection circuit, and a merging unit device. The input terminals of the electronic voltage transformer and the electronic current transformer are both in connection with the output terminal of the primary device, and the output terminals are both in connection with the input terminal of the A/D collection circuit; the output terminal of the A/D collection circuit is in connection with the input terminal of the merging unit device; the output terminal of the merging unit device is in connection with the input terminal of the DSP. The invention also provides a high precision voltage power frequency measurement method based on an intelligent substation, and realizes the power frequency measurement and correction of intelligent sampling signals SV of the intelligent substation.